The Securities and Exchange Commission held an open meeting this week at which board members approved floating a proposal to delist stocks that don’t comply with the independence and other provisions of Sarbanes-Oxley.
Under orders from Congress, the SEC is required to issue the rule in final form no later than April 26, and the requirements are expected to take effect one year from that date.
In other news, the agency also named Public Company Accounting Oversight board member Charles Niemeier as acting chair of the board, following the leadership void left when Judge William Webster resigned. A permanent replacement for Webster won’t be named until the Senate approves the nomination of William H. Donaldson to succeed his troubled predecessor, Harvey Pitt.
